VIC Outpriced from Glen Waverley and Mount Waverley, what next?

I am not fussed about the school zones , have widened my search to wheelers hill, Glen w, mount w, Burwood east and Vermont south

I have inspected few houses in Vermont south and wheelers hill, both are red hot with queues for open inspections.

A house this Saturday had 109 visitors with 30 plus asking for section 32 after the first open

people are already discussing with the agent 100k above the range , will they sell

I am genuinely not sure what has changed for this frenzy.

it’s not in the zone of any high performing schools

on a different note, auction at 5 pm, property on the market announced by the agent at 1.1M still sold for 1.32M

it was on the market still people bidding as if there is no limit, it’s a small 12 sq home on an irregular block

 

Vermont and Wantirna South are worth looking at.

 

Isnt the main advantage that you keep the "school" premium. Eg if you pay an extra 15pct for good zone you also sell for extra assuming school stays good. In the private school scenario you dont get your money back.

 

I have just started looking. Hope the experienced property investors ( aka those who have experienced though different cycles) can offer some insights... not sure how to tag them though.
But my two cents:

1. Property price is set at the equilibrium of supply and demand. When the vendor is happy to sell at $1.1m, but buyers are happy to pay 1.3m then it will sell at 1.3m. Why $1.3 not $ 1.1m or $1m. —— this buyer can afford $1.3m (low interest rate) and willing to pay $1.3m to secure this particular property. Anyone who offers lower than 1.3 won’t get it. This is competition. The reality is multiple people who can afford and willing to pay are competing with each other for the limited stocks of houses.
(When SP5 was first out, there are people buy and sell them for $2000 each on EBay... )
2. Supply will increase when the vendors are confident the prices have gone up — seriously I hope the potential vendors can see it by now ...
It was horrible in supply in the entire 2020 and Jan 2021, and some buyers have become tired and have lowered their exceptions - again due to competition
3. 2019 was the bottom of the property cycle, historically once the price hit the bottom, it will ride on momentum for a few years and our governments seem determined to keep the property prices high with all those different incentives flying around —— I think people by now probably have received the signals..

 

Hi SuperOlaf,

Any areas/pockets to avoid?
Any pockets/streets/estates considered more premium than others?
Any planned developments/infrastructure underway for Wantirna South?

I would need to travel to GW every day as I am not willing to change the current primary school

 

State Basketball Centre - Development Victoria

 

There are transmission lines going along the eastern edge of Vermont (east of Heatherdale Road), something to be aware of as some people avoid such areas.

If you are into new / near new houses, have a drive around the former Austral Bricks site (now called Harcrest Estate) in Wantirna South, off Stud road. In my view they have done a really good job with this small in-fill development, especially the public spaces/ parks are fantastic. I understand this is not everyone's cup of tea as the land size would be small.

 

probably need to update my profile, we’ve moved back to Oz a couple of years now sadly

 

Hum I don't know about that. I remember people used to tell me how decades ago my high school used to be considered one of the best but its taken a real fall from grace. I wonder if you actually can assume certain schools will forever keep their prestige? Would be an interesting thing to study.

 

Yup, and how much is it just demographic? First generation asians are highly motivated academically and generally outperform the rest of us. If they make up a decent chunk of a school the marks quickly follow, then the highly motivated all want to go there.

 

if you are in to MW/GW , probably the best time to buy is now

 

Why?

 

Also interested to know your reasoning - is this because the borders are closed now and flow of Asian immigrants has stopped temporarily?

 

Looking at this property - probably the worst location of MW

https://www.realestate.com.au/property-house-vic-mount+waverley-135401090

Sold for 1.44M at last weekend

Crazy!

 

Live in GW and love it: big blocks, very greeny, a lot of parks, new The Glen with high level dining in and around. And the last train stop if you are using public transport as well: short and not busy line. And GWSC showing very consistent and high results over years. Will be selling my house in a couple of months (definitely will be regret sell), for downsizing, will move to another house that in development stage now. Will definitely miss GW quietness and vibe at the same time

 

It was marketed to me as a VIP client (off-market listing), whatever that means. House is in original condition with a bungalow at the back. I am shocked to see the sale price, the market is going north. I wish I had the crystal ball.

 

Agree, GW has big block sizes (650 sqm - 780 sqm) with some in excess of 800 sqm. It has a large offering of restaurants (mostly Asian), Glen shopping centre and number of parks with trails . Biggest draw card I believe is the schools both public primary and public secondary schools along with 4 different private schools.

Its a tightly held area as many buyers have been helped by their parents so definitely a multi-generational push to secure more properties.

On the negative side, bulk of the sign boards now read both English and an Asian language, public schools are tightening their zones and sub-divisions on the rise.

 

Its a niche market in GW and MW.

If you're Asian, a great place as you have all the community services and stuff, schools where most of the pupils are Asian, etc, friendly faces about etc.

For those not into that, or needing the social validation which comes from living in an area because of particular community or for "status" reasons, there's a heap of other suburbs in Melb with better value and a lot more character and schools which are also good.

 

I get the GWSC is a quite a good school however @ 2 - 3 M range if I had no extended family in the area I would buy Balwyn. Comparable quality public schools but being next to Kew/Hawthorn etc the choice/quality of private schools is far better around Balwyn.

Look at the surrounding suburbs or Glen Waverley (mount Waverley, Vermont South, Burwood East, Wheelers Hill) compared to Balwyn (Kew, Canterbury, Surrey Hills, Mont Albert).

Distance from CBD as well with Balwyn being around 10k.m. and Glen Waverley around 20k.m from CBD.

 

no doubt Balwyn is a better suburb (vs Glen Waverley or Mount Waverley) , but 2-3M will only buy you a land @ Balwyn

the market is transparent , basically you get what you paid for